All Forum Posts by: Jeremy Shepherd

Also think about if you want to sell real estate or invest in it. Have to be careful investing as an agent.

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@Carlos O. 

Here is my advice on flood plain properties...avoid them until FEMA figures out mapping from the Biggert Waters Flood Insurance Act of 2012. Read up on this piece of legislation.

Quick story about my personal residence about 1/4 of a mile away from the Ohio River in WV. When there is rain mixed with heavy snow melt the sewers in my town will back up putting water in my unfinished cellar once in a great while. This is my personal residence and is mapped in the same flood zone as properties that are ocean front. My flood insurance was normally about $755/year. In December of 2013 I received a letter from Allstate letting me know my premium was going up to approx. $7,900 per year due to the Bigger-Waters legislation. It has since been delayed by congress and I was able to get insurance through a private insurer out of Florida underwritten by Lloyds of London, but it covers nothing and only satisfies my lenders requirement to have flood insurance and that was about $1k per year.

Biggert-Waters is delayed for four years while FEMA remaps and does research. This was supposed to be done before Biggert-Waters was passed in 2012. I personally do not think it will be done properly and we will be fighting the same thing in the future. I do not have a problem paying flood insurance, but I should not be at the same risk as hurricane areas. A scale of risks needs put in place with private insurance companies. Also the delay only covers primary residences I believe. Not investment, commercial, or vacation homes.

Anyway, I personally avoid investing in properties in the flood plain because of my experience with my personal residence. If you can pay cash or buy on a land contract then flood insurance isn't required, but if you ever want to sell the property and a potential buyer needs to get a mortgage the flood insurance issue may scare them away. I couldn't sell my house now if I wanted to for anything near what I paid for it, but sure enough, my property taxes increased ten percent this year.

Remember flood insurance is a government program. Two scariest things to hear, "I'm from the government and I'm hear to help."

@Dan White 

I lived in Northern VA for several years. Might want to check out opportunities farther west in towns along the I-81 corridor in the Shenandoah Valley or the eastern panhandle of WV.

@Nancy Neville and @Jonathan Wolter

You should only be responsible for the taxes owed to make it current, interest, and fees. If it were a premium style auction anything paid by the lien cert holder above the taxes the county will return to the lien holder. Call and talk to someone at the courthouse.

Tax lien certificates

I actually found mine on a Facebook yard sale page. A lady's mother recently died and she wanted the house gone fast so I checked it out and made an offer that was accepted. 

@Ryan Dossey I have deducted one firearm for personal protection without worry if audited. It would be hard to justify more than one probably for the topic of this discussion.